Hockey says heed the doomsayers

Shadow treasurer Joe Hockey says the Australian economy needs to be safeguarded against a "significant downturn".

Mr Hockey gave a downbeat assessment of Australia's economic prospects in a speech to the Committee for Economic Development of Australia in Canberra on Monday night.

It followed Prime Minister Julia Gillard's criticism earlier in the day that some media and business commentators were being "irresponsible" for talking down the economy.

"It is the height of hubris to dismiss out of hand dire warnings of a possible downturn from respected observers. It is wise to listen and prepare," Mr Hockey said.

He said if the coalition won government in September he was determined to ensure the Australian economy did not slow down as the mining investment boom eased.

"It will be my number one imperative to safeguard the economy against a significant downturn and to turbo charge economic growth and jobs," Mr Hockey said.

"The resources boom has made a wonderful contribution to Australia's prosperity and the mining industry will continue to be an important industry sector but we must prepare for the day when the boom times are gone.